Consumer IoT Market Scenario Highlighting Major Drivers & Growth by 2030

According to the report published by Allied Market Research, the global consumer IoT market garnered $70.52 billion in 2020, and is expected to reach $292.83 billion by 2030, witnessing a CAGR of 13.9% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Increase in demand for connected and wearable devices, rise in usage of IoT devices in the automotive sector, and surge in availability of wireless platforms drive the growth of the global consumer IoT market. However, data privacy and security-related concerns restrain the market growth. On the other hand, increase in demand for IoT devices for development of smart cities presents opportunities in the next few years.

The report offers detailed segmentation of the global consumer IoT market based on offering, connectivity, end user, and region.

Based on offering, the hardware segment held the highest share in 2020, accounting for nearly two-thirds of the total share, and is projected to continue its leadership status during the forecast period. However, the software segment is estimated to register the highest CAGR of 15.1% from 2021 to 2030.

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Based on end user, the home automation segment accounted for the highest share in 2020, contributing to nearly one-third of the global consumer IoT market, and is estimated to continue its dominant share in terms of revenue during the forecast period. However, the automotive segment is projected to manifest the highest CAGR of 15.8% from 2021 to 2030.

Based on region, North America contributed to the highest share in 2020, accounting for more than one-third of the total share, and is expected to continue its lead position by 2030. However, Asia-Pacific is expected to portray the largest CAGR of 16.3% during the forecast period.

Leading players of the global consumer IoT market analyzed in the research include Cisco Systems, Inc., Infineon Technologies, Honeywell International Inc., International Business Machines Corporation (IBM), Intel Corporation, NXP Semiconductors, Microsoft Corporation, STMicroelectronics, Siemens AG, and TE Connectivity Ltd.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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